According to the Huatai Securities Research Report, from a medium-term perspective, Hong Kong stock valuation repair space may still be suppressed by total global liquidity. Therefore, in the medium term, it is still recommended to use low-wave dividends as a base position, but the structure needs to be adjusted to control industries where the dividend rate advantage of Hong Kong stocks converges or is more difficult than A-shares, such as industries where it is more difficult to converge or increase dividend rates, such as banks, coal allocation exposure, and additional utilities. From a short-term perspective, the further increase in interest rates on 10-year US bonds is relatively limited. After the FOMC, the “boot” landed or relieved market pressure, and it continues to be recommended to hold innovative drugs and CXO leaders with both performance delivery and financial recognition. Necessary consumption such as beverages, dairy products, etc. as previously suggested entered the bottom right side of the fundamentals as scheduled, but there is a lack of catalysis in the short term, so be patient.

According to the Huatai Securities Research Report, from a medium-term perspective, Hong Kong stock valuation repair space may still be suppressed by total global liquidity. Therefore, in the medium term, it is still recommended to use low-wave dividends as a base position, but the structure needs to be adjusted to control industries where the dividend rate advantage of Hong Kong stocks converges or is more difficult than A-shares, such as industries where it is more difficult to converge or increase dividend rates, such as banks, coal allocation exposure, and additional utilities. From a short-term perspective, the further increase in interest rates on 10-year US bonds is relatively limited. After the FOMC, the “boot” landed or relieved market pressure, and it continues to be recommended to hold innovative drugs and CXO leaders with both performance delivery and financial recognition. Necessary consumption such as beverages, dairy products, etc. as previously suggested entered the bottom right side of the fundamentals as scheduled, but there is a lack of catalysis in the short term, so be patient.